$256M Deal Reached for Affordable Housing Project in East Flatbush

A $256 million in financing deal has been reached for an affordable housing project in East Flatbush.

“Financing was provided by the New York State Housing Finance Agency with $122 million in tax-exempt bonds, enhanced during construction by JPMorgan Chase, and more than $106 million in low-income tax credit equity through Hudson Housing Capital,” according to a news release from Monadnock Development.

The Utica Crescent development on Utica Avenue between Rutland Road and Winthrop Street will have two residential towers with 322 affordable units for residents earning 80 percent of AMI or less, with 89 supportive apartments set aside for elderly seniors funded by the New York State Empire State Supportive Housing Initiative program.

Amenities include an indoor gym, laundry room, building-wide wireless internet, smart building technology, bike storage, parking, a second-floor courtyard and landscaped rooftop terraces.

There will also be around 22,546 square feet of commercial space -- which will include a grocery store -- 3,190 square feet of community facility space, an onsite healthcare center operated by the One Brooklyn Health System, and space for the 67th Precinct Community Clergy Council.

“At Utica Crescent, we are able to take care of our elderly and formerly homeless neighbors through supportive housing and offer top-tier medical and social support onsite, providing our residents with a holistic living experience that goes beyond just housing,” stated Kirk Goodrich, the president of Monadnock Development.

Utica Crescent is part of the New York State’s Division of Housing and Community Renewal’s $1.4 billion Vital Brooklyn initiative to address chronic social, economic, and health disparities in Central Brooklyn. 

“This significant investment will help to bring our state one step closer to building the affordable, supportive, and sustainable homes that New Yorkers deserve," said Governor Kathy Hochul.